SoftBank leads $1B investment in US fintech startup SoFi

SoftBank said it had led a $1 billion investment in U.S. financial technology startup SoFi, calling it the largest single financing round in the fintech space to date.

The deal is the latest in the sector, where relatively young companies offer financial services through software. In July, Spain's Banco Santander agreed to provide up to around $16 million for any opportunities it identifies with British mobile banking software partner Monitise.

SoFi aspires to be "the most trusted financial services partner in the U.S.," SoFi CEO and co-founder Mike Cagney said in the statement.

SoftBank is a longtime investor in tech startups, with Alibaba and Yahoo Japan among in its portfolio. More recently, it led a $500 million investment in Indian online marketplace Snapdeal in August, and put $250 million into Singapore-based ride hailing app GrabTaxi at the tail end of last year.